WesCan Energy Corp. press release
Blackpool arranges additional financing and grants stock options
TSXV - TSX Venture Exchange · Oil · Natural Gas · Natural Gas Liquids · Canada
CALGARY, June 29 /CNW/ - Blackpool Exploration Ltd. ("Blackpool" or the "Company") (BPX.A - TSX Venture Exchange) has entered into an agreement with an arms length party for a private placement of 1.8 million flow-through common shares of the Company at a price of $0.55 per share for total proceeds of $990,000.00. A hold period of 4 months will apply to the flow-through shares. No commissions will be paid under the private placement and there will be no change of control of Blackpool. The private placement is expected to close on or about July 31, 2005, subject to approval by the TSX Venture Exchange. Blackpool also announces that it has granted to its officers, key employees, directors and a proposed director, subject to his election at the Annual Meeting to be held on June 30, 2005, stock options to purchase a total of 1,967,495 common shares of Blackpool at a price of $0.50 per common share exercisable on or before June 29, 2010, subject to approval by the TSX Venture Exchange and shareholders of the Company. At the special meeting of the shareholders to be held on August 18, 2005, Blackpool's shareholders will be asked to increase the limit on the number of stock options permitted under the Company's existing stock option plan and to approve the granting of the above options. The new options represent 10% of the number of additional shares the Company issued under the Company's brokered private placement of units and flow-through shares as most recently described in the Company's June 2, 2005 press release. At the special meeting, the Company also intends to ask the shareholders to approve a new stock option plan to replace the existing plan. The Company's current stock option plan is a fixed number stock option plan permitting the granting of options up to 20% of the number of issued shares of the Company with each increase in the fixed number of options requiring shareholder approval. The new plan, if approved, would be a "rolling" stock option plan reserving a maximum of 10% of the number of issued shares of the Company at the time of a stock option grant. The information circular for the special meeting together with copies of the existing and proposed stock option plans will be filed on SEDAR in due course.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.